Its not ASIC's limited resources that have been responsible for RC's findings as they have claimed, its the way they have been carrying out their regulatory tasks. Had they been carrying out risk based audits from the start they would have been looking closely at the big banks and Insurance Companies where the problems have always been in financial planning over the past 20 years. Also had they been looking at individual products they would have targeted margin lending and SMSF's (where further problems exist). They need to be replaced by a more proactive Regulator . Financial Planning is too important to be taken lightly.
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